Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Practice Problems (Discrete Probability Distributions) 1. Dr. Lane is grading her Accounting Quizzes and is beginning to think that students randomly guessed on all of

Practice Problems (Discrete Probability Distributions) 1. Dr. Lane is grading her Accounting Quizzes and is beginning to think that students randomly guessed on all of the multiple choice questions without even trying to understand the questions and response options. Assuming the Quiz had 4 multiple choice questions, each with 4 response options. a. Create the Binomial Distribution Frequency Distribution Table and Graph for all possible numbers of correct responses on the Quiz. X = Number of Correct Answers Probability of X b. What is the probability of randomly getting less than 2 correct answers? c. What is the probability of randomly getting more than 1 correct answer? d. What is the expected number of correct answers? e. What is the expected range in the number of correct answers for any given quiz? 2. Stacy is a Realtor for Zip Realty who sells an average of 36 homes per year. a. Zip Realty awards a $1,000 bonus to any realtor who sells 5 or more homes in a month. What is the probability of Stacy receiving this bonus? b. Zip Realty awards a $2,000 bonus to any realtor who sells more than 20 homes in any given quarter (3 month period). What is the probability of Stacy receiving this bonus? c. Zip Realty fires anyone selling less than 1 home in a month. What is the probability of Stacy being fired? ( d. How much error would you expect to have in the estimate of the number of homes Stacy would sell in any given month? e. How much error would you expect to have in the estimate of the number of homes Stacy would sell in any given quarter (3 month period)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Discrete Mathematics and Its Applications

Authors: Kenneth H. Rosen

7th edition

0073383090, 978-0073383095

More Books

Students also viewed these Mathematics questions